YRC, Teamsters to work on contract extension

YRC Worldwide will enter into formal negotiations with the International Brotherhood of Teamsters to extend its current contract.
The two parties met on Nov. 5 to update the union on “the company's most recent performance, future prospects and corporate refinancing opportunities,” according to a YRC press release.
Officials said a contract extension will increase YRC’s competitiveness in the market.
"An extension of our IBT contract beyond the expiration is an important step in providing our customers the service they deserve and have grown accustomed to and providing our employees long-term job stability, competitive industry-wide wages and outstanding healthcare benefits,” YRC Worldwide President James Welch said in a statement. “Reaching an understanding would be a positive and important step in the future of this company. … It will substantially increase the likelihood of a holistic refinancing solution to address the debt maturities in 2014 and 2015.”
Due to these developments, YRC has delayed its earnings release until Nov. 12.